H2X Global secures cornerstone investor, eyes vehicle sales

Hydrogen fuel cell vehicle manufacturer H2X Global has secured funding to support working capital needs in the European rollout of its vehicles through a strategic cornerstone agreement.

H2X Global, 20 percent owned by green hydrogen developer Pure Hydrogen, executed a term sheet agreeing to invest an initial $3.4 million equity funding into the company.

The agreement comes with an option for H2X to accept up to US$57 million in funding through to 2024 subject to operational milestones.

The funding will be used to to finance the delivery of US$25.7 million in vehicle orders while supporting continued growth in the lead up to a potential listing on the London Stock Exchange ‘in the near term’.

H2X plans a range of vehicles including its Warrego proof of concept utility (pictured) vehicle – 250 are to be built – as well its Darling van, Paroo garbage/deliver/concrete trucks, and Swan passenger bus.

H2X has purchase intent agreements totaling USD $300 million which covers 800 vehicles.

Verde Mobility is making a number of investments across the industry to develop a clean mobility ecosphere, which will see H2X benefit from a wide range of industry experts, shared resources, and collaborative manufacturing capabilities.

CEO of H2X Global Brendan Norman said the collaboration opens the doors to numerous major manufacturing and distribution facilities across the wider European region for H2X.

As a result, H2X can start delivering an array of hydrogen-based vehicles to the market at a competitive cost and on a commercial scale.

Norman said: “Our hydrogen fuel cell and powertrain technology ensure our vehicles match the performance of traditional fuels and outperform battery electric.

“Together with Verde’s robust manufacturing network, we are paving one of the world’s first commercially viable paths to decarbonize the transport sector.

“Through this, we are providing a solution to cost and performance challenges associated with carbon-free transport, which is a proposition that will transform the automotive industry.”

As a result of the new investment, Pure Hydrogen’s equity in the vehicle developer will be diluted, initially to 17 percent.

Pure Hydrogen has a distribution agreement with H2X to sell its hydrogen fuel cell generators and vehicles when they become commercially available.

Further reading:
Browse @AuManufacturing’s coverage of H2X Global here
First drive in H2X hydrogen power Warrego utility

Picture: H2X Global/Warrego utility